Non-Profit Software Market to grow at a CAGR of 7.3% during 2024-2028
The Non-Profit Software Market is expected to grow at a CAGR of 7.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3243.5 million. The non-profit sector is undergoing a major shift, fueled by the adoption of artificial intelligence (AI) and machine learning (ML) technologies. This transformation is revolutionizing non-profit operations, boosting efficiency and productivity in realizing their mission objectives. A primary catalyst for this trend is the growing demand for data-driven decision-making. Non-profits are harnessing AI and ML to process massive datasets, providing them with valuable insights into donor tendencies, giving potential, and stakeholder preferences. This data analysis empowers organizations to optimize fundraising strategies by targeting appropriate donors with personalized messages at the most opportune moments.
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Technavio analysts predict that the Fund raising software subsegment will lead the Application segment during 2024 and 2028 The non-profit sector, specifically within the fund raising segment, is experiencing notable growth due to the expanding utilization of digital wallets and impressive fund raising milestones. By 2026, it is projected that approximately 60% of the global population will employ digital wallets, marking a substantial increase from the current 3.4 billion users in 2022 to a projected 5.2 billion. This escalating trend in digital wallet adoption is poised to transform the fund raising landscape, offering non-profit organizations advanced tools to optimize donation processes and foster stronger donor relationships. Fund raising software serves a crucial role in this sector, providing non-profits with essential features including donation tracking, donor management, online fund raising, event management, and communication tools. These solutions streamline fund raising activities, enabling organizations to effectively manage their campaigns and engage with donors more efficiently.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rise in adoption of volunteer management software by non-profit large and small organizations
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The non-profit software market caters to the unique needs of organizations aiming to make a positive social impact. This market offers various deployment options, including cloud and on-premises solutions, to cater to enterprise sizes. Segmentation in the market includes fundraising campaigns, donor relationships, user-friendly software, advanced security features, and sector-specific solutions. Cloud-based solutions have gained popularity due to their accessibility and cost-effectiveness. They enable digital fundraising, donor engagement, and virtual event management. However, budget constraints may limit some non-profits from adopting advanced technologies like predictive analytics, machine learning (ML), and artificial intelligence (AI) for personalization and data security. User-friendly software is essential for non-profits, ensuring operational effectiveness through technology. Advanced security features are also crucial for safeguarding sensitive donor information. Social media integration and mobile-friendly solutions expand reach and accessibility. Software implementation requires careful planning to ensure a smooth transition. In conclusion, the non-profit software market offers various solutions to cater to diverse needs. Cloud-based solutions, digital fundraising, donor management, and data security are key areas of focus. As technology continues to evolve, non-profits must adapt to stay competitive and effective in their missions.
The global IT software market encompasses businesses specializing in the creation and distribution of application and system software, including database management solutions. This market segment comprises enterprises developing software for industry-specific applications, enterprise and technical software, as well as cloud-based software offerings. Notably, it excludes companies classified under the interactive home entertainment sub-industry and those producing systems or database management software within the systems software sub-industry. According to Technavio's analysis, the IT software market size is determined by the consolidated revenue generated by these entities offering various software solutions.
The Non-Profit Software Market is experiencing significant growth, fueled by the rise in adoption of volunteer management software by non-profit large and small organizations. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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Jesse Maida
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